Preferred Bk Los Angeles Ca Stock Price, News & Analysis

Preferred Bank (NASDAQ: PFBC) announced plans to release its financial results for Q2 2021, ending June 30, 2021, after market close on July 20, 2021. A conference call hosted by bank executives, including Chairman and CEO Li Yu, will take place on July 21, 2021, at 2:00 p.m. Eastern. Investors can join by calling 844-826-3037 or visiting the bank's website for a live webcast. Preferred Bank offers a variety of banking services and operates multiple branches across California and one in New York.

Preferred Bank, a leading independent commercial bank in California, announced a quarterly cash dividend of $0.38 per share. This dividend will be payable on July 21, 2021 to shareholders on record as of July 7, 2021. The Bank operates numerous branches across California and New York, offering a wide range of banking services to commercial and consumer customers. Originally founded as a Chinese-American Bank, it now serves a diverse clientele, benefitting from significant migration patterns to California.

Preferred Bank (Nasdaq: PFBC) announced the successful completion of a public offering, raising $150 million from 3.375% Fixed-to-Floating Rate Subordinated Notes due 2031. The offering price was $150 million, with net proceeds of approximately $147.65 million after fees. The funds will be used to redeem $100 million of existing subordinated debentures and for general corporate purposes, including funding loans. The Bank expects to incur about $614,000 in pre-tax debt extinguishment costs in Q2 2021. Preferred Bank maintains a BBB+ debt rating from Kroll Bond Rating Agency.

Preferred Bank (NASDAQ: PFBC) reported a net income of $21.2 million or $1.42 per diluted share for Q1 2021, up from $20.9 million in Q4 2020 and $16.2 million in Q1 2020. This growth was driven by a $3.9 million drop in the provision for credit losses and a $3.6 million increase in net interest income. Total deposits surged by 6.3% to $4.72 billion, while total loans rose 3.2% to $4.16 billion. Despite increased noninterest expenses, the bank's performance highlights strong asset growth and stability in credit metrics.

Preferred Bank (NASDAQ: PFBC) will release its Q1 financial results after market close on April 20, 2021. A conference call led by CEO Li Yu and other executives will take place on April 21, 2021, at 2:00 PM Eastern Time. Participants can access the call by dialing 844-826-3037 or via a live webcast on the bank's website. The bank, which has a significant presence in California, offers a wide range of banking services to commercial and consumer clients. The results and discussion will provide insights into the bank's financial performance and future outlook.

Preferred Bank (NASDAQ: PFBC) announced a quarterly cash dividend increase to $0.38 per share, representing a 26.7% rise from the previous $0.30. The dividend will be payable on April 21, 2021, to shareholders of record by April 7, 2021. Chairman and CEO Li Yu expressed satisfaction with the dividend boost, attributing it to the Bank's robust performance and positive outlook for the future, which aligns with their desired dividend payout ratio.

Preferred Bank (NASDAQ: PFBC) has announced the opening of a loan production office (LPO) in Houston, Texas, aimed at expanding into a growing market. The new office will be led by George M. Lee, who has previous experience as CEO of notable corporations. This initiative is part of the Bank's strategy for geographic expansion and risk diversification within its loan portfolio. With plans for future full branch operations in Texas, this move signifies a cost-effective entry into a new market, enhancing the Bank’s competitive position.

Preferred Bank (NASDAQ: PFBC) reported strong financial results for the fourth quarter of 2020, with net income reaching $20.9 million or $1.40 per diluted share, up from $19.6 million or $1.31 a year ago. This growth is driven by a 14.0% increase in net interest income while provisions for credit losses decreased. Key metrics include a return on assets (ROA) of 1.63% and return on equity (ROE) of 16.49%. Total loans and deposits also grew, reflecting optimism in the economy despite the pandemic. The efficiency ratio improved to 29.9%.

Preferred Bank (NASDAQ: PFBC) will release its fourth quarter financial results for the period ending December 31, 2020, on January 25, 2021, after market close. A conference call hosted by the bank’s executive team will take place on January 26, 2021, at 2:00 p.m. Eastern Time. The call will be open for investors and participants, providing insights into the bank’s financial performance, business highlights, and future outlook. A replay will be available until February 9, 2021.